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question on new mortgage proposals

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  • 08-12-2014 9:34am
    #1
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭


    Hi Guys

    I know the 80% ltv etc for the new year but when they talk about a limit of 3.5 times the joint salaries, would this include all mortgages ? i.e. if you have a mortgage already , would this be taken into account or would the 3.5 limit only apply to new mortgages ?

    Thanks


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    #2
    SBarrett
    Registered Users Posts: 160 ✭✭SBarrett


    That question is not addressed directly in the consultation paper but it would be for all mortgages. Remember, the banks will still have their own tests, including ability to repay and net disposable income after debts are repaid.



    Steven


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    #3
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    SBarrett wrote: »
    That question is not addressed directly in the consultation paper but it would be for all mortgages. Remember, the banks will still have their own tests, including ability to repay and net disposable income after debts are repaid.



    Steven

    so at the moment i have a mortgage and would qualify for another one. However if i waited until january and new rules came in i wouldnt get the mortgage due to the 3.5 rule


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    #4
    Little Bubbles
    Registered Users Posts: 268 ✭✭Little Bubbles


    How did you get on milkman. i am in the same boat.


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    #5
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Lenders policy and criteria has not changed since 2014 and Central Banks proposals are not yet in place and are unlikely to be as there is huge opposition to same.


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